Tag: job

Tesla has only been producing cars for about a decade and we’re up against massive, entrenched competitors. The net effect is that Tesla must work much harder than other manufacturers to survive while building affordable, sustainable products. However, that was in part the result of preferentially selling higher priced Model 3 variants in North America. Moreover, we need to continue making progress towards lower priced variants of Model 3. Tesla will need to make these cuts while increasing the

In the note, Musk says the firm faces a “very difficult” road ahead in its long-term goal to sell affordable renewable energy products at scale, noting the company is younger than other players in the industry.

Here’s the full text of the company update:

This morning, the following email was sent to all Tesla employees:

As we all experienced first-hand, last year was the most challenging in Tesla’s history. However, thanks to your efforts, 2018 was also the most successful year in Tesla’s history: we delivered almost as many cars as we did in all of 2017 in the last quarter alone and nearly as many cars last year as we did in all the prior years of Tesla’s existence combined! Model 3 also became the best-selling premium vehicle of 2018 in the US. This is truly remarkable and something that few thought possible just a short time ago.

Looking ahead at our mission of accelerating the advent of sustainable transport and energy, which is important for all life on Earth, we face an extremely difficult challenge: making our cars, batteries and solar products cost-competitive with fossil fuels. While we have made great progress, our products are still too expensive for most people. Tesla has only been producing cars for about a decade and we’re up against massive, entrenched competitors. The net effect is that Tesla must work much harder than other manufacturers to survive while building affordable, sustainable products.

In Q3 last year, we were able to make a 4% profit. While small by most standards, I would still consider this our first meaningful profit in the 15 years since we created Tesla. However, that was in part the result of preferentially selling higher priced Model 3 variants in North America. In Q4, preliminary, unaudited results indicate that we again made a GAAP profit, but less than Q3. This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit.

However, starting around May, we will need to deliver at least the mid-range Model 3 variant in all markets, as we need to reach more customers who can afford our vehicles. Moreover, we need to continue making progress towards lower priced variants of Model 3. Right now, our most affordable offering is the mid-range (264 mile) Model 3 with premium sound and interior at $44k. The need for a lower priced variants of Model 3 becomes even greater on July 1, when the US tax credit again drops in half, making our car $1,875 more expensive, and again at the end of the year when it goes away entirely.

Sorry for all these numbers, but I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult. This is not new for us – we have always faced significant challenges – but it is the reality we face. There are many companies that can offer a better work-life balance, because they are larger and more mature or in industries that are not so voraciously competitive. Attempting to build affordable clean energy products at scale necessarily requires extreme effort and relentless creativity, but succeeding in our mission is essential to ensure that the future is good, so we must do everything we can to advance the cause.

As a result of the above, we unfortunately have no choice but to reduce full-time employee headcount by approximately 7% (we grew by 30% last year, which is more than we can support) and retain only the most critical temps and contractors. Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months. Higher volume and manufacturing design improvements are crucial for Tesla to achieve the economies of scale required to manufacture the standard range (220 mile), standard interior Model 3 at $35k and still be a viable company. There isn’t any other way.

To those departing, thank you for everything you have done to advance our mission. I am deeply grateful for your contributions to Tesla. We would not be where we are today without you.

For those remaining, although there are many challenges ahead, I believe we have the most exciting product roadmap of any consumer product company in the world. Full self-driving, Model Y, Semi, Truck and Roadster on the vehicle side and Powerwall/pack and Solar Roof on the energy side are only the start.

Government agencies typically require employees to obtain approval before they can take on an additional job, Painter said. Even if a federal worker is able to process a request for another job, Painter said, there are caps on how much they can earn and conflict-of-interest limitations. “If you’re a bank regulator at the Federal Deposit Insurance Corporation, you better not go get a job as a teller at a bank,” Painter said. “If you’re working on any matter at the Department of Labor that has a d

Still, picking up another job isn’t an easy process for government employees, said Richard Painter, a law professor at the University of Minnesota and the chief White House ethics lawyer for President George W. Bush.

Government agencies typically require employees to obtain approval before they can take on an additional job, Painter said. Ethics lawyers usually give the green light on such requests, but, he said, “What do you do if the ethics lawyers are furloughed? They’ve really got these workers in a bind.”

Even if a federal worker is able to process a request for another job, Painter said, there are caps on how much they can earn and conflict-of-interest limitations.

“If you’re a bank regulator at the Federal Deposit Insurance Corporation, you better not go get a job as a teller at a bank,” Painter said. “If you’re working on any matter at the Department of Labor that has a direct impact on McDonalds, then you better not go get a job at McDonalds.”

Employees who don’t go through the approval process can face consequences, including termination.

For many of the more than 400,000 federal employees deemed “essential,” taking on another job is not possible because they’re still expected to show up at their current one.

Greg, and his wife, Michelle, both work for the U.S. Department of Agriculture. He asked to use their first names only, as they’re not permitted to speak to the media.

Even though their savings is quickly disappearing, he still is working his job in which he oversees the protection of natural resources. Meanwhile, his wife is furloughed, and there is no one at her office to approve a request for a second job.

He’s tired of seeing people quip on social media that workers like him should just find other work. “They simply don’t know what they’re talking about,” he said.

Job cuts at Tesla are not quite the bad news as first seemed, several Wall Street analysts said Friday. “Reducing headcount also suggests productivity gains,” Jefferies analyst Philippe Houchois said in a note to investors. Hours before the note, CEO Elon Musk announced that Tesla is cutting its full-time staff headcount by about 7 percent. The cut represents about 3,150 layoffs, based on the most recent Tesla staff count of 45,000 from Musk in October. Jefferies estimated the job cuts would aff

Job cuts at Tesla are not quite the bad news as first seemed, several Wall Street analysts said Friday.

“Reducing headcount also suggests productivity gains,” Jefferies analyst Philippe Houchois said in a note to investors. “This is, in our view, consistent with slower growth rates but mostly the scope to improve productivity and flow that we identified during our visit to the Fremont plant mid November 2018.”

Hours before the note, CEO Elon Musk announced that Tesla is cutting its full-time staff headcount by about 7 percent. The cut represents about 3,150 layoffs, based on the most recent Tesla staff count of 45,000 from Musk in October. Jefferies estimated the job cuts would affect 3,200 to 3,500 people at the electric vehicle maker. Houchois said the “reduction was not unexpected.”

“It’s not a huge surprise to see this,” Oppenheimer senior research analyst Colin Rusch said on CNBC’s “Squawk Box.”

“This looks to us like a mix of a proactive move in terms of cutting costs, … but also a bit of cleanup on the kind of massive push to get the Model 3 out this year,” Rusch added.

Kallo: Cost management is key as “Tesla transitions to its next phase of growth. … We would be buyers on weakness following the announcement.”

Ives: “Tesla will be able to emerge from the next 12 to 18 months” as a stronger and more profitable EV company.

Dorsheimer: Tesla’s business is now “set up for a more auspicious 2019.”

Glynn: “Encouraged that management is focused on achieving profitability each quarter after years of operating at significant losses.”

“You never want to see a growth company cutting staff like this but we’re not overly concerned,” Rusch said.

Citigroup’s Itay Michaeli was one of the few analysts skeptical of Tesla’s future following the announcement. Michaeli said in a note that the company’s lowered fourth quarter guidance and job cut announcement supports the “argument that Tesla’s [third quarter] results weren’t sustainable.”

Tesla’s stock fell 6.7 percent Friday from Thursday’s close of $347.31 a share.

Snap shares plummeted about 12 percent Wednesday afternoon following the company’s announcement Tuesday that its chief financial officer is resigning after less than a year on the job. Stone, who started as CFO in May 2018, follows a host of other executives who have fled the company. In the past year, executive departures from Snap included chief strategy officer Imran Khan and vice president of communications Mary Ritti, previous finance head Andrew Vollero and vice president of monetization e

Snap shares plummeted about 12 percent Wednesday afternoon following the company’s announcement Tuesday that its chief financial officer is resigning after less than a year on the job.

Snap disclosed CFO Tim Stone’s resignation in an SEC filing Tuesday, saying he “has confirmed that this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).”

Stone, who started as CFO in May 2018, follows a host of other executives who have fled the company. In the past year, executive departures from Snap included chief strategy officer Imran Khan and vice president of communications Mary Ritti, previous finance head Andrew Vollero and vice president of monetization engineering Stuart Bowers. Stone was expected to breathe new life into the company, with Wedbush Securities analyst Michael Pachter saying his hire, among other factors, showed Snap’s “increased focus on shareholder value.”

But instead, the stock’s value has continued to decline almost 50 percent in the past 6 months, leaving it with a market value of about $8.5 billion. Stone’s $20 million worth of restricted stock units were set to vest over four years. When he joined Snap from Amazon, where he had most recently served as vice president of finance, he was offered an annual salary of $500,000.

Snap said Stone plans to “pursue other opportunities” and will continue in the role through the company’s full year 2018 financial results announcement, according to the filing. His last day has not yet been decided, the company said.

Snap included one upside included in Tuesday’s filing, saying its quarterly results would be “slightly favorable” to the upper end of its guidance when it reports on February 5. Snap predicted in its Q3 outlook between $355 million and $380 million for the next quarter, and adjusted losses between $100 million and $75 million, but had also warned investors that the Snapchat app would continue to lose daily active users.

Because employers typically start the year with new programs or projects planned and new growth targets to hit, they are also keenly aware of any personnel holes they may have that would prevent them achieving those goals. ZipRecruiter sees the highest volume of job postings within a single month occur in January each year, with listings typically rising 15 percent from December levels. But the influx of new job listings, however, is no match for the drove of hungry job seekers knocking on emplo

If the start of the new year has you thinking more “new job” than “new you,” we have some good news — with a catch.

Job openings and ads skyrocket in January, but so does the number of people looking for a different gig.

That’s according to data from online job hub ZipRecruiter. Because employers typically start the year with new programs or projects planned and new growth targets to hit, they are also keenly aware of any personnel holes they may have that would prevent them achieving those goals. This leads companies to ramp up job postings in January so they can fill those gaps as soon as possible, says Julia Pollak, ZipRecruiter’s labor economist.

ZipRecruiter sees the highest volume of job postings within a single month occur in January each year, with listings typically rising 15 percent from December levels.

And employers aren’t just advertising, they are actually closing the deal more often in January too — hiring increases 30 percent in the first month of the year over December rates.

But the influx of new job listings, however, is no match for the drove of hungry job seekers knocking on employer’s doors in the first month of the year. Maybe it is all those ad listings, New Year’s resolutions or a determination to stick it out till that year-end bonus comes in, but January is by far the most popular month of the year for job seekers to kick off their search, ZipRecruiter found.

Applications to jobs posted on ZipRecruiter rose 40 percent from December 2017 to January 2018. The site expects to see a similar, if not higher, bump this year, as the number of applications has been growing each year.

So even though there are more jobs available in January, you’re facing much stiffer competition for those roles, meaning your odds of landing the gig actually decrease in January as compared to other times of the year, like December, when the pool of candidates falls more than the number of openings does.

Don’t despair. Strong candidates typically benefit from having more options to choose from, says Pollak as they can pick the best employer and salary. If you want to tilt the game in your favor, apply to listings as soon as possible. “Apply early and follow up on any emails or interviews with the company promptly, she recommends.

Getting in early and showing your enthusiasm can be an easy way to set yourself apart.

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Amazon could soon face a tighter market in India, as new government restrictions are set to kick in next month. But the company remains undeterred in its India expansion based on at least one measure: job openings. The southern city of Hyderabad has the eighth-most with over 450 job openings, according to its career site. That also means India has two of the five non-U.S. markets with the most Amazon job openings. For example, of the job openings in Bengaluru, 194 of them specifically mention “A

Amazon could soon face a tighter market in India, as new government restrictions are set to kick in next month. But the company remains undeterred in its India expansion based on at least one measure: job openings.

Amazon currently has 660 open positions in Bengaluru (formerly known as Bangalore), which is the second most worldwide after Seattle. The southern city of Hyderabad has the eighth-most with over 450 job openings, according to its career site. That also means India has two of the five non-U.S. markets with the most Amazon job openings.

Although India has traditionally been a popular recruiting site for IT talent and back-end customer service jobs, many of the current openings are for Amazon India’s retail and marketplace positions. For example, of the job openings in Bengaluru, 194 of them specifically mention “Amazon India,” including 65 retail positions and 24 marketplace roles.

The job numbers are the clearest sign yet of Amazon’s continued focus on India, even as it faces new regulations that could challenge its business in the country. The new rules, announced last month and going into effect on February 1, prevent foreign online retailers — like Amazon — from selling products through affiliated companies they own a heavy ownership stake in, or from offering special discounts and exclusive deals in the country.

Amazon has reason to keep up its hiring spree in India. The company has already poured roughly $5 billion into the market, while it is reported to have plans for an additional $2 billion investment in Amazon India. Amazon has also been making inroads into India’s offline space, buying equity stakes of local store chains like More and Shoppers Stop.

On top of that, Amazon is in a fierce battle with Walmart-owned Flipkart over India’s sprawling e-commerce market, which is considered one of the fastest growing in the world. India is expected to grow into a $72 billion e-commerce market by 2020, more than doubling from last year’s $32.7 billion, according to eMarketer. Amazon is in a “neck and neck” position with Flipkart in India, having sold roughly $7.5 billion worth of products in India last year, Barclays estimates.

“All of this requires a lot of talent hiring and employee expansions which explains the job numbers,” said Anindya Ghose, a management professor at NYU.

In a statement to CNBC, Amazon’s representative said it sees India as a strong “talent location” and that it has been hiring for roles across the company both in India and globally. But it also said that it’s currently “evaluating” the new rule changes “to gain clarity so that we remain true to our commitment.”

The New York Times’ Jim Stewart on why Amazon chose the wrong city 12:04 PM ET Fri, 16 Nov 2018 | 02:29Amazon’s HQ2 in New York will be in Long Island City, an industrial area in Queens. The other new headquarters will be located in Crystal City, Virginia, just outside of Washington, D.C. Amazon said it would hire 25,000 people in each HQ2 location over 10 to 12 years. The Crystal City office doesn’t have any openings listed yet. Amazon plans to hire 50 people for the ICC team in New York this y

Amazon’s HQ2 in New York will be in Long Island City, an industrial area in Queens. The other new headquarters will be located in Crystal City, Virginia, just outside of Washington, D.C. Amazon said it would hire 25,000 people in each HQ2 location over 10 to 12 years. The Crystal City office doesn’t have any openings listed yet.

Amazon plans to hire 50 people for the ICC team in New York this year, according to the job posts. The listings are for a front-end engineer and a software development manager.

“Our expansion in HQ2 will allow ICC to meet its ever increasing staffing needs and provide the engineering leadership necessary across all of the other Amazon teams we work with that will also establish a base in HQ2 in the future,” the descriptions say.

In a statement after this story was published, Amazon said these positions will be in current New York City offices, and not in HQ2.

“When you talk to employers about the skills they’re looking for, they’re ‘soft skills’, communication, problem solving,” Dan Roth, LinkedIn’s editor-in-chief, told CNBC’s “On the Money” recently. We need you to now go work in this other job.’ Roth said that other soft skills that companies value include creativity, persuasion, collaboration and time management. “You need to learn about AI (artificial intelligence), you need to learn cloud computing, these are the ones that employers want to hav

“One big skill is adaptability. I think that is the key one, making sure you have it,” he said, adding that such a skill means “being able to handle change when it comes to the workforce.”

Roth gave CNBC an example. “When you are working somewhere and they say, ‘Hey, we’re going to automate away your job. We need you to now go work in this other job.’ That’s adaptability,'” he added. Roth said that other soft skills that companies value include creativity, persuasion, collaboration and time management.

Still, hard skills are very much in demand, he cautioned. “You need to learn about AI (artificial intelligence), you need to learn cloud computing, these are the ones that employers want to have but those hard skills are going to change all the time.

Roth added that “Staying current is important, but you always have to have those soft skills too.”

“We are taking decisive action to transform the Ford business in Europe,” Steven Armstrong, group vice president, Europe, Middle East and Africa, said in a statement. Ford’s announcement on layoffs came as Britain’s biggest carmaker Jaguar Land Rover (JLR) is also set to announce “substantial” job cuts in the thousands, a source told Reuters. Ford Europe, which currently employs 53,000 people, has struggled to turn a profit, reporting a 245 million euro ($282 million) loss before interest and ta

Ford said it will seek to exit the multivan segment, stop manufacturing automatic transmissions in Bordeaux in August, review its operations in Russia, and combine the headquarters of Ford U.K. and Ford Credit to a site in Dunton, Essex.

“We are taking decisive action to transform the Ford business in Europe,” Steven Armstrong, group vice president, Europe, Middle East and Africa, said in a statement.

Ford’s announcement on layoffs came as Britain’s biggest carmaker Jaguar Land Rover (JLR) is also set to announce “substantial” job cuts in the thousands, a source told Reuters.

Ford Europe, which currently employs 53,000 people, has struggled to turn a profit, reporting a 245 million euro ($282 million) loss before interest and taxes in the third quarter, equivalent to a negative 3.3 percent EBIT margin.

Armstrong declined to quantify the scale of job cuts, pending negotiations with labour leaders, but said staff reductions would run into the “thousands”.

“Ford aims to achieve the labour cost reductions as far as possible through voluntary employee separations in Europe,” the carmaker said in a statement on Thursday.

Armstrong said the company is in negotiations with worker representatives about potential job cuts at its Saarlouis plant in Germany, where 6,190 staff assemble cars, as the carmaker considers discontinuing production of its Ford C-Max model.

“We will migrate out of the MPV segment,” Armstrong said, referring to the family vans segment. Ford will focus instead on developing more profitable “crossover” vehicles.

The company is unlikely to develop next-generation diesel engines for smaller vehicles, Armstrong said, explaining that customers have been abandoning the segment more aggressively than anticipated.

Intel’s total addressable market has grown significantly as the company has diversified away from the personal computer business and made strategic acquisitions in areas like autonomous driving, interim CEO Bob Swan told CNBC on Thursday. “This is the biggest served market this company has had in its history,” Swan, the company’s permanent CFO, told Jim Cramer in a “Mad Money” interview. “The way we’ve been defining ourselves over the last couple years is a $300 billion [total addressable market

Intel’s total addressable market has grown significantly as the company has diversified away from the personal computer business and made strategic acquisitions in areas like autonomous driving, interim CEO Bob Swan told CNBC on Thursday.

“This is the biggest served market this company has had in its history,” Swan, the company’s permanent CFO, told Jim Cramer in a “Mad Money” interview.

Swan, who took over for former CEO Brian Krzanich after he left the company for a policy violation, said that Intel used to think it had 90 percent market share “in a market that had relatively slow growth,” the PC space.

“In that world, the opportunities to expand and bring our technologies to new places gets somewhat constrained by the way we define ourselves,” he said. “The way we’ve been defining ourselves over the last couple years is a $300 billion [total addressable market]. We don’t have 90 percent share, we have 25 percent share.”

This renewed vision is a result of Intel’s push into the realm of data management, the internet of things and the growing autonomous driving sector, as highlighted by its 2017 acquisition of self-driving tech specialist Mobileye, Swan said.

“We have this significant wind at our back on this need for data: to store it, to process it, to analyze it, to retrieve it. And with that, our opportunities are as big as they have ever been … both organically and acquisitively,” he said. “With acquisitions like Mobileye and Altera, the set of capabilities we have are just much broader today and we see the market as big as it’s ever been and we’re very optimistic about the prospects for this company going forward.”

But Swan, who has been CFO of Intel since 2016, doesn’t want the permanent CEO job, he told Cramer.

“No, I do not. I love my day job as the CFO,” Swan said. “We believe this is the best open job on the planet, and the management team has told the board, ‘Take you time, find somebody great, in the meantime, we’ll be just fine kind of running the company.’ It’s a very exciting time for us.”